Management of Oxford No. 1 Hotel has rejected reports that the luxury hotel has been taken over by a court-appointed receiver, insisting that the property remains under the possession and control of Kensington Residential Partners 1 Limited (KRP1 Ltd) as it pursues an appeal against a recent High Court order.
In a press release dated 23 July 2026, KRP1 Ltd described as inaccurate media reports suggesting that possession of the hotel had already passed to a receiver appointed at the instance of Cola Holdings Ltd. The company maintains that Oxford No. 1 Hotel continues to be managed by its directors and remains fully operational.
Background to the Dispute
KRP1 Ltd is the company behind the development and management of Oxford No. 1 Hotel, owned in equal shares by its two directors, Nana Kwame Bediako and Azad Cola.
According to the company, the hotel’s development was financed through a combination of shareholder capital and a loan facility from the International Finance Corporation (IFC). Although the hotel commenced operations in December 2019, KRP1 Ltd says the COVID-19 pandemic significantly reduced revenue, affecting its ability to service the IFC loan facility.
The company explains that while discussions were ongoing with the IFC regarding restructuring of the loan, Azad Cola, acting through Cola Holdings Ltd, informed KRP1 Ltd that he had personally settled the outstanding IFC debt in full and demanded reimbursement from the company.
Management disputes this account. It argues that as a director, Mr Cola owed fiduciary duties to KRP1 Ltd and ought to have obtained corporate approval before entering any arrangement calculated to yield reimbursement or profit for himself from the company’s affairs. The statement adds that neither Mr Cola nor Cola Holdings Ltd has produced evidence that the IFC loan was, in fact, repaid.
The Receivership Order and the Appeal
The dispute escalated when Cola Holdings Ltd obtained a High Court order appointing a receiver over the hotel.
KRP1 Ltd says the order authorises police assistance to enable the receiver to take possession but contends that the order is not immediately enforceable because it provides that possession may only be taken seven days after it was granted. That window, the company says, had not lapsed as of the date of its statement, and its lawyers have since been instructed to file an appeal, together with applications to restrain Cola Holdings Ltd and the receiver from taking possession pending determination of the appeal.
Previous Proceedings
The company also states that two earlier applications filed by Cola Holdings Ltd in relation to the dispute were dismissed by the High Court and are now the subject of pending appeals.
The company further alleges that Cola Holdings Ltd is simultaneously pursuing recovery of the same amount from both KRP1 Ltd and Nana Kwame Bediako personally in separate proceedings. Management argues that permitting recovery against both parties for the same alleged payment would amount to unjust enrichment, a result it believes the courts will not endorse.
Hotel Remains Open
Despite the litigation, KRP1 Ltd has urged the public, staff and other stakeholders to disregard suggestions that management has lost control of the property. The hotel, it says, remains open for business and continues to operate under its directors pending the outcome of the appeal and related applications.
Legal Issues at Stake
The dispute raises a number of legal questions that are likely to be determined by the appellate courts. Among them are the extent of a receiver’s authority upon appointment, the fiduciary duties owed by company directors, the level of corporate approval required for transactions in which a director has a personal interest, and whether a creditor may lawfully pursue recovery of the same debt simultaneously against both a company and one of its directors in separate proceedings.
The appeal is also expected to clarify an important procedural issue concerning the legal effect of the seven-day grace period incorporated into the High Court’s receivership order, particularly whether that period operates to suspend enforcement while appellate proceedings are pending.
For now, the competing claims advanced by KRP1 Ltd and Cola Holdings Ltd remain to be tested before the courts. Until the appellate proceedings are concluded, the status of the receivership and control of Oxford No. 1 Hotel will remain the subject of active litigation. The eventual decision is expected to provide important guidance on receivership practice, directors’ fiduciary obligations, corporate governance and creditor enforcement under Ghanaian law.
